Roberts to leave MIN board

Tim Roberts, whose estimated net worth varied wildly in three recent rich lists, has stepped away from the public limelight by resigning from the board of ASX-listed Mineral Resources.

The company said Mr Roberts, who lives in Queenstown, remained a supportive shareholder and had no current intention to dispose of his holding.

“Mr Roberts has indicated that the demands of his other business interests, as well as his New Zealand residence, have made it difficult for him to continue to serve the company as a director at this time,” it said in a statement.

Mr Roberts holds 3.28 million MIN shares, worth $47.7 million at today’s closing share price of $14.55.

His investment in MIN is currently at a small loss, after he bought 1.27 million shares at $14.88 last month, following his purchase of 2 million shares at $14.80 in November last year.

That will be of little consequence to the 48-year-old Mr Roberts, who was one of three heirs to the founder of construction giant Multiplex, the late John Roberts.

As managing director of private company Warburton Group, he holds a diverse portfolio of investments in property, infrastructure, aquaculture, aviation, agriculture, and healthcare.

However, estimates of his wealth vary wildly.

The Financial Review Rich List, released last month, estimated Mr Roberts was worth $2.38 billion, more than double the $1.1 billion estimate from one year earlier.

The latest figure included WA rock lobster licences worth an estimated $700 million.

That put him well ahead of older brother, Andrew Roberts, whose net worth was estimated to be $885 million.

In contrast, The Australian’s version of the ‘rich list’, completed earlier this year, estimated Tim’s net worth at $962 million and Andrew’s at $859 million.

The West Australian’s rich list, released last month, took a different approach.

It bundled together the three siblings – Tim, Andrew and sister Denby – and estimated the family was worth $2.92 billion. Denby Roberts (formerly Denby McGregor) was not listed in either the Financial Review's or The Australian's rich lists.

Mr Roberts’ continuing positions include being a non-executive director of Crown Resorts Perth, a trustee of the Channel 7 Telethon Trust and patron of the Perth Symphony Orchestra.